Depreciation is charged on “Wasting Assets” - is it correct ?

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What is the correct double entry to record the depreciation charge in a period ?
Posted by:
Saidul Alam
24-April-2015

Accounting Cost Accounting Finance

Question added by Shamseer KM , Accounts and Admin Payroll , KBM Group
Date Posted: 2015/06/15

Upvote (2) Views (4) Followers (3) Answers (3) Report Question

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3 Answers

Muhammad Sabith

by Muhammad Sabith , Accountant , SIMORA

Depreciation is not charged on wasting asset..

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Jagannathan Sriraman

by Jagannathan Sriraman , Partner in the firm , Sundar Srini and Sridhar

Depreciation is diminution in the carrying value of asset due to effluction of time.

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Tranquilino Jr Rivera

by Tranquilino Jr Rivera , General Accountant , Enany Group of Companies

Depletion is more appropriate.

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